[ferro-alloys.com]Based on a 2012 exploration program that identified high-grade cobalt and vanadium at the Duddridge Lake project in Saskatchewan, Searchlight Resources (TSX-V: SRCH) decided to acquire the property located some 75 kilometers northwest of the town of La Ronge.

"With the increasing interest in battery technology utilizing both vanadium and cobalt, the Duddridge project represents an excellent project for Searchlight's team to explore," Stephen Wallace, CEO and President of Searchlight, said in a press release.

Back in 2007, Fission Energy announced a historical inferred resource estimate of 227,880 tonnes with a grade of 2.14 lbs/tonne U3O8.

Five years later, 39 boulder samples were collected and analyzed. According to Fission, they showed highly anomalous results for cobalt and vanadium, as well as anomalous copper, lead and uranium levels.

To buy the project, the Vancouver-based miner had to pay $4,000, an additional $2,000 on signing of the agreement and a second $2,000 payment on closing, as well as issue 500,000 shares of Searchlight to the vendors.

Searchlight will also have to pay a 1% Net Smelter Return royalty to the vendors on commencement of commercial production.